Mount Druitt, a suburb in Sydney’s west, has now affirmed its position as a property hotspot according to Laing+Simmons, after the suburb recorded its first auction sales price of over $1 million recently.
Laing+Simmons Mount Druitt licensee in charge Basel Nahas said the sale signals a new era for Mount Druitt property, indicating further momentum is expected in the market.
“There is a lot of confidence within the local market at present, and buyers are prepared to pay top dollar for a home that offers a sound investment opportunity,” Mr Nahas said.
“There is definitely an imbalance between supply and demand in the Mount Druitt area and this is resulting in competitive buyer activity, which is fuelling price growth in the local market.”
The property that surpassed the auction sales record, 68 Wehlow Street, sold for $1.066 million. It comprises of three bedrooms and sits on a 2,024 square-metre site.
According to Laing+Simmons, the purchase should pay off for the winning investor.
“The investor who purchased this property has secured a prime piece of real estate in Mount Druitt. They have plans to hold onto the property for a while with the possibility of developing down the track,” Mr Nahas said.
“Investors are dominating transactional activity in Mount Druitt at present due to the market’s affordable price bracket compared to other Sydney regions, which can price investors out of the market.
"Investors are recognising the affordability of purchasing a home on a large block of land within Mount Druitt, as well as the great returns and strong capital growth on offer.”
Earlier this year, Smart Property Investment reported that Mount Druitt homes were tipped to double in value over the next decade.